Juncker – Lagarde: Seal Greek Bailout With a €130-Billion Kiss

Chiefs among themselves: Luxembourg’s Prime Minister and Eurogroup chief Jean-Claude Juncker bends over IMF Chief Christine Lagarde and gives her a passionate kiss. She closes her eyes while she enjoys his tender lips and his protective hand on her shoulder. A kiss that seals the second bailout for Greece. This is a kiss worth 130 billion euro! .

When you look closer at the picture the kiss is not thaaat passionate after all. A Sagittarius (Juncker) and a Capricorn (Lagarde) do not have much chances for a karmic relation like the one between Merkel and Sarkozy. So. please, do not start word games like “Junckarde” or “Lancker”. OK? Although, you can never be sure…

Guess I am shifting to the point of view of TedW after-all: it look more and more like a EUSSR. Since when did this kissing and hugging became so prominent among professionals? I don’t want them to be friends, I want them to fight to get the best deal for me, their voters. Seeing them to be friends, buddies, kissers, huggers does not instil any confidence in them. Just the opposite.
I want the time back when most politicians came into a meeting with their hands full of papers and dossiers and went around the room giving each-other firm handshakes while giving a long and hard look. Only Sovjets and their subordinates would start with a (Judas-)kiss. 😎

@KTG: I know things are moving fast in Greece at the moment, but I believe the content of above article should be known by the Greek people.

Excerpt:

Earlier today, we learned the first stunner of the Greek “bailout package”, which courtesy of some convoluted transmission mechanisms would result in some, potentially quite many, Greek workers actually paying to retain their jobs: i.e., negative salaries. Now, having looked at the Eurogroup’s statement on the Greek bailout, we find another very creative use of “negative” numbers … It turns out that not only will Greece not see a single penny from the Second Greek bailout, whose entire Use of Proceeds will be limited to funding debt interest and maturity payments, but the country will actually have to fund said escrow! You read that right: the Greek bailout #2 is nothing but a Greek-funded bailout of Europe’s insolvent banks… and the Greek constitution is about to be changed to reflect this!

The smoking gun quote:

The Eurogroup also welcomes Greece’s intention to put in place a mechanism that allows better tracing and monitoring of the official borrowing and internally-generated funds destined to service Greece’s debt by, under monitoring of the troika, paying an amount corresponding to the coming quarter’s debt service directly to a segregated account of Greece’s paying agent.

As for the priority of payments – it is more than clear:

Finally, the Eurogroup in this context welcomes the intention of the Greek authorities to introduce over the next two months in the Greek legal framework a provision ensuring that priority is granted to debt servicing payments. This provision will be introduced in the Greek constitution as soon as possible.

So there you have it: the Second Greek bailout is nothing but the first Greek bailout of Europe’s banks! And the Greek constitution is about to be changed to reflect that.

Congratulations Greece – you just got royally raped by your own unelected rulers and you didn’t even know it.